Pjsc Tatneft Regulatory News (ATAD)

4 Aug 2006 13:25

O.A.O. Tatneft04 August 2006 On August 4, 2006, OAO Tatneft issued the following press-release: PricewaterhouseCoopers auditing Tatneft's U.S. GAAP financial statements 4 August 2006 OAO Tatneft (the "Company") announces today that its financial statements forthe year ended December 31, 2005 prepared in accordance with U.S. generallyaccepted accounting principles (U.S. GAAP) (the "2005 U.S. GAAP financialstatements") are being audited by ZAO PricewaterhouseCoopers Audit ("PwC"). As previously communicated, the Company expects to publish the 2005 U.S. GAAPfinancial statements and file its annual report on Form 20-F for 2005 (the "200520-F") with the U.S. Securities and Exchange Commission, as well as to releaseits unaudited U.S. GAAP financial statements for the first six months of 2006 inthe fourth quarter of 2006. The Company will announce a more detailed timetablewith regard to the finalization of the 2005 U.S. GAAP financial statements, thefiling of the 2005 20-F and the publication of its unaudited U.S. GAAP financialstatements for the first six months of 2006 by the end of August 2006. The decision to engage PwC was made following a review by the Company of itswork with external auditors and consultants relating to the preparation of theCompany's financial statements under U.S. GAAP and discussions between theCompany and the auditors of its U.S. GAAP financial statements for prior years.The Company's U.S. GAAP financial statements for the years ended December 31,2003 and 2004 respectively, have been audited by Ernst & Young, and theCompany's U.S. GAAP financial statements for periods prior to that were auditedby PwC. As announced on June 26, 2006, the Company intends to delist its securities fromthe New York Stock Exchange and, when circumstances permit, to deregister fromthe U.S. Securities and Exchange Commission. At the same time, the Companyreinforces its commitment to strong corporate governance practices and adherenceto regular disclosure about the Company's financial position and operationspursuant to recognized international standards and regulatory requirements(including those of the U.K. Listing Authority in connection with the listing ofthe Company's securities on the London Stock Exchange). Forward-looking statements: This press release contains certain forward-lookingstatements of OAO Tatneft. OAO Tatneft can give no assurance that any of theevents mentioned in such statements will occur, or as to the precise timing oftheir occurrence This information is provided by RNS The company news service from the London Stock Exchange